Accenture 1Q Profit, Revenue Rise

/ / Industrials /

By Adriano Marchese Accenture reported better-than-expected profit and revenue in its first quarter of fiscal 2024. The professional services company posted net income of $1.97 billion, or $3.10 a share, compared with $1.96, or $3.08 a share, in the same quarter a year ago. Adjusted earnings were $3.27 a share. According to FactSet, analysts were expecting $3.14 a share. Revenues 3% rose to $16.2 billion, just above analyst expectations of $16.17 billion. Accenture expected foreign exchange to have a bigger positive effect in the quarter, which came in at 1.5% compared with 2.5%, which it previously expected. New bookings for the quarter were $18.45 billion, comprised of consulting bookings of $8.6 billion and managed services bookings of $9.8 billion. Write to Adriano Marchese at adriano.marchese@wsj.com

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FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est.

/ / Financials /

FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est.

FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est. Read Post »

Accenture 2Q Revenue Expectations Shy of Views

/ / Industrials /

Irish-American professional services company Accenture expects foreign-exchange effects to hit revenue growth in the second fiscal quarter, missing analyst expectations. Accenture said Tuesday that it expects revenue to be in the range of $15.5 billion and $16 billion, which represents a decline of 2% to a gain of 2% in local currency. Analysts polled on FactSet expected revenue to grow to $16.25 billion. The company said this reflects its assumption that foreign exchange will have a 0.5% negative effect compared with a year ago. For the full fiscal year of 2024, Accenture expects that the foreign exchange effect will be flat compared with the previous fiscal year, and expects revenue growth to be in the range of between 2% and 5% in local currency.

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FactSet Posts Higher 1Q Revenue, Grows Wealth-Management Users

/ / Financials /

FactSet Research Systems posted higher revenue and earnings in its fiscal first quarter, lifted by a rising tally of wealth-management users tapping the company’s data platform. The Norwalk, Conn.-based company, whose offerings include analytics and data products, posted a profit of $148.6 million, or $3.84 a share, for the three months ended Nov. 30, compared with $136.8 million, or $3.52 a share, in the same period last year. Stripping out one-time items, including amortization, adjusted earnings came to $4.12 a share. Analysts surveyed by FactSet expected adjusted earnings of $4.11 a share. Revenue rose more than 7% to $542.2 million, compared with the $540.3 million expected by analysts, according to FactSet. Annual subscription value plus professional services was $2.18 billion at the end of the quarter, up from $2.04 billion a year ago. User count rose by 17,111 to 207,083 during the quarter, driven by an increase in wealth management

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FactSet Cuts Fiscal-Year Revenue Outlook, Plans Cost Cuts

/ / Financials /

FactSet Research Systems trimmed its fiscal-year targets for revenue and adjusted earnings, and the data company said it plans to cut costs. The Norwalk, Conn.-based company, whose offerings include analytics and data products, is now targeting revenue of $2.2 billion to $2.21 billion, down from prior guidance of $2.21 billion to $2.23 billion. FactSet also cut its outlook for earnings to $13.95 a share to $14.35 a share, down from $14.20 a share to $14.70 a share. The company is targeting adjusted earnings of $15.60 a share to $16.00 a share, down from $15.65 a share to $16.15 a share. The company said it expects to book $10 million to $15 million in charges during its fiscal second quarter tied to cost cuts, including both variable costs and personnel-related costs.

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Phillips 66 (NYSE:PSX) Stock Analyst Ratings

/ / Energy /

Phillips 66 (NYSE:PSX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/19/2023 6.63% Raymond James $128 → $140 Maintains Outperform 12/04/2023 14.24% TD Cowen $134 → $150 Maintains Outperform 10/31/2023 11.2% Wolfe Research → $146 Upgrades Peer Perform → Outperform 10/06/2023 -11.65% Mizuho $131 → $116 Maintains Neutral 10/06/2023 -2.51% Raymond James $133 → $128 Maintains Outperform 10/05/2023 2.06% Piper Sandler $138 → $134 Maintains Overweight 09/20/2023 1.29% Raymond James $125 → $133 Maintains Outperform 09/18/2023 8.91% B of A Securities $141 → $143 Maintains Neutral 09/18/2023 -0.23% Mizuho $127 → $131 Maintains Neutral 09/08/2023 9.67% Wells Fargo $130 → $144 Maintains Overweight 09/01/2023 7.39% Goldman Sachs $125 → $141 Maintains Buy 08/16/2023 -3.27% Mizuho $118 → $127 Maintains Neutral 08/14/2023 2.06% Argus Research $125 → $134 Maintains Buy 08/03/2023 -0.99% Wells Fargo $111 → $130 Maintains Overweight 07/19/2023 -4.8% Morgan Stanley

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Nike (NYSE:NKE) Stock Analyst Ratings

/ / Consumer Discretionary /

Nike (NYSE:NKE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/19/2023 7.06% Raymond James $121 → $130 Maintains Outperform 12/15/2023 15.29% Telsey Advisory Group $128 → $140 Maintains Outperform 12/12/2023 7.06% DZ Bank → $130 Upgrades Hold → Buy 12/11/2023 11.18% Citigroup $100 → $135 Upgrades Neutral → Buy 12/05/2023 14.47% Goldman Sachs → $139 Assumes → Buy 11/17/2023 -11.06% Truist Securities → $108 Initiates Coverage On → Hold 11/07/2023 2.12% Evercore ISI Group → $124 Initiates Coverage On → Outperform 10/06/2023 -6.94% RBC Capital → $113 Reiterates Outperform → Outperform 09/29/2023 -24.24% Williams Trading $91 → $92 Upgrades Sell → Hold 09/29/2023 -9.41% BMO Capital $120 → $110 Maintains Outperform 09/29/2023 3.76% Morgan Stanley $126 → $126 Reiterates Overweight → Overweight 09/29/2023 -1.18% TD Cowen $117 → $120 Maintains Outperform 09/29/2023 12% Goldman Sachs $145 → $136 Maintains Buy 09/29/2023 -2%

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PepsiCo Downgraded to Neutral at J.P.Morgan on ‘Limited Room for Positive Surprises’

/ / Consumer Staples /

PepsiCo Inc.’s stock (PEP) was down by 0.7% in premarket trading on Tuesday after J.P.Morgan analyst Andrea Teixeira downgraded the soft drink and snack giant to neutral from buy and cut its price target to $176 a share from $185 a share. “We don’t see anything fundamentally wrong with PEP and continue to have confidence that the company is well positioned to deliver on its 2024 outlook,” said Teixeira. “That said, we see the magnitude of upward estimate revisions as narrowing and see better opportunity within beverages.” Teixeira said Pepsi has been a “model of consistency” with “a lot of positive changes” by Chief Executive Ramon Laguarta, but the company appears to have left “limited room for positive surprises” on earnings. J.P.Morgan sees better opportunities with overweight-rated Coca-Cola Co. (KO) and Keurig Dr Pepper Inc. (KDP), Teixeira said.

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Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings

/ / Telecommunications /

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/19/2023 14.15% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 11.49% Citigroup $40 → $42 Maintains Buy 12/13/2023 6.19% Wells Fargo $35 → $40 Maintains Equal-Weight 11/02/2023 19.46% Tigress Financial $64 → $45 Maintains Buy 10/25/2023 0.88% Barclays $37 → $38 Upgrades Equal-Weight → Overweight 08/29/2023 6.19% Citigroup $39 → $40 Upgrades Neutral → Buy 08/22/2023 14.15% Oppenheimer → $43 Reiterates Outperform → Outperform 08/03/2023 16.8% Morgan Stanley $44 → $44 Reiterates Overweight → Overweight 07/27/2023 3.53% Citigroup $42 → $39 Maintains Neutral 07/26/2023 -4.43% Goldman Sachs $41 → $36 Maintains Neutral 07/26/2023 11.49% Raymond James $51 → $42 Maintains Outperform 07/20/2023 -4.43% Wells Fargo $40 → $36 Maintains Equal-Weight 07/18/2023 16.8% Morgan Stanley $44 → $44 Reiterates Overweight → Overweight 06/05/2023 3.53% HSBC $42.5 → $39 Maintains Hold

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Citigroup (NYSE:C) Stock Analyst Ratings

/ / Financials /

Citigroup (NYSE:C) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/19/2023 4.17% Goldman Sachs $47 → $52 Maintains Neutral 12/01/2023 -5.85% Goldman Sachs $41 → $47 Maintains Neutral 11/16/2023 70.27% Oppenheimer $82 → $85 Maintains Outperform 10/16/2023 -9.86% Piper Sandler $47 → $45 Maintains Neutral 10/16/2023 32.21% BMO Capital $61 → $66 Maintains Outperform 10/16/2023 64.26% Oppenheimer $81 → $82 Maintains Outperform 10/03/2023 -13.86% Morgan Stanley $45 → $43 Maintains Underweight 10/02/2023 -17.87% Goldman Sachs $47 → $41 Maintains Neutral 09/26/2023 62.26% Oppenheimer $85 → $81 Maintains Outperform 09/20/2023 -5.85% RBC Capital $51 → $47 Maintains Outperform 09/15/2023 -5.85% Piper Sandler $50 → $47 Maintains Neutral 09/07/2023 -13.86% HSBC → $43 Initiates Coverage On → Hold 08/23/2023 10.18% Wells Fargo $60 → $55 Maintains Overweight 08/18/2023 70.27% Oppenheimer $88 → $85 Maintains Outperform 07/18/2023 -9.86% Morgan Stanley $45 → $45 Reiterates Underweight

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